The Insurance and Reinsurance Legacy Association (IRLA) Bermuda chapter will serve as a hub for members to network, share best practices and access development opportunities. Credit: fizkes/Shutterstock.

The IRLA, a trade body, has launched its new chapter in Bermuda, aiming to bolster the legacy insurance and reinsurance sector.  

The IRLA Bermuda chapter will serve as a hub for members to network, share best practices and access professional development opportunities. 

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Its launch is a strategic move to support the interests of the legacy sector in Bermuda.  

The branch aims to promote collaboration, communication and a unified voice among members and stakeholders.  

This initiative comes at a critical time, as the chapter will also address regulatory and legislative changes impacting the legacy business in the region. 

The chapter will engage with the Bermuda Monetary Authority through regular meetings, mirroring IRLA’s established dialogue with the UK’s Prudential Regulation Authority. 

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In addition to local engagement, the chapter will contribute to IRLA’s global efforts, including the annual Congress, the Future Leaders Group and the Academy.  

Bermuda is a significant reinsurance hub, known for its robust regulatory framework, innovation and skilled workforce, stated IRLA. 

According to BMA filings and IRLA Bermuda’s responses, the legacy markets in Bermuda are managing more than $30bn of P&C insurance liabilities and providing employment for more than 100 individuals. 

The IRLA Bermuda chapter committee comprises professionals from the legacy market, with representatives from Enstar Group, RiverStone International, Compre Group, R&Q Insurance Holdings and BMS Group. 

IRLA Bermuda committee chair and Enstar Group chief compliance officer Sarah Ruberry said: “The launch of IRLA’s Bermuda chapter underlines the continued momentum and growth of the Bermuda legacy market, which is playing an increasingly important role in delivering capital solutions to the wider (re)insurance market.   

“IRLA Bermuda will be well-placed to provide a collective voice, support Bermuda’s strong regulatory framework and provide unique networking and training opportunities for its members.”